This is what I had always kinda sorta thought, but seeing someone put it in words made me realize that it actually doesn't make sense at all.
If 1 unit of laser energy gets you 0.2 units of fusion, that means you end up with 1.2 units of heat energy total. Okay so 1.2 units of heat just sounds like a crappy heat pump. But given that the heat is so damn hot (meaning ~0 entropy) you could in theory convert it all to electricity and come out ahead.